U.S. venture capital firms kept up a strong fundraising pace in 2015, with dollar commitments down 9% on 2014 but still well ahead of the annual average since 2006, according to a new report.

Thomson Reuters and the National Venture Capital Association (NVCA) said firms raised $28.2 billion last year, compared with $31.1 billion in 2014. Fourth-quarter commitments totaled $5 billion for 46 funds, up 9% on the third quarter.

The annual average since 2006 is $20.32 billion in dollar commitments. VC firms raised $17.7 billion in 2013 and $19.9 billion in 2012.

“Building on the strong pace set last year, 2015 emerged another strong fundraising year for the industry,” Bobby Franklin, president and CEO of the NVCA, said in a news release, noting that close to $60 billion has been raised over the past two years “to help build and grow the next generation of great American companies.”

“Overall, the fundraising environment is quite healthy,” he added. “It’s been encouraging to see such a diverse mix of fund sizes in recent quarters, which demonstrates to us that the fundraising environment is becoming a lot more favorable for firms of all shapes and sizes.”

The number of follow-on funds raised during 2015 fell 5% to 156 compared to a year ago, while the number of new funds raised decreased 25% to 79. A “new” fund is defined as the first fund at a newly established firm, although the general partners of that firm may have previous experience investing in venture capital.

The largest of 20 new fund reporting commitments during the fourth quarter of 2015 was from Accion Frontier Inclusion Fund LP, which raised $90 million for the firm’s inaugural fund.

Total commitments to U.S. venture funds in the fourth quarter were led by Tiger Global Private Investment Partners X, which raised $2.5 billion in the largest fundraising commitment of the fourth quarter and the second largest fundraising during 2015. Trinity Ventures XII LP raised $400 million during the fourth quarter and USVP XI raised $300 million.

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